The BTC is Digital Gold analogy always falls short for me. Gold competed with a limited set of elements on the periodic table for SoV. BTC competes against the full universe of possible software designs. Gold can afford to stay static. BTC must evolve or die.
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Say BTC decides to freeze everything tomorrow. No further protocol development. No further BTC ecosystem development. Does your opinion change?
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If ALL cryptos stop development. Only Bitcoin would succeed. Bitcoin can become Neo-Gold as is, without ANY changes. No one else can say this.
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In my scenario only BTC freezes. All other competitors maintain their current velocity. Does BTC still win SoV?
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It’s an unfair thought experiment. Let’s either keep them all going at their respective paces or freeze all of them. Bitcoin is evolving, just extremely conservatively.
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It’s useful because it isolates something that BTC SoV proponents too easily discount: velocity of improvement. Think Darwin not Silicon Valley. If BTC doesn’t keep pace then faster evolving organisms will claim market cap. As they have.
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Who do you think could theoretically beat BTC?
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A competitor that evolves faster. Just as an evolving BTC clearly beats a version of BTC feature locked to its April 11, 2018 version. Over the past 3 years, I’d argue other protocols have evolved faster than BTC.
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Only security, decentralization/censorship resistance, disinflationary monetary policy matters for SoV. Nothing else. When someone beats BTC along these criteria, then we can sit down and have a serious conversation. Proof of Stake is complex...
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Bitcoin's resistance to change (to a degree) is one of the best qualities it has. Utility platforms on the other hand are the opposite. They must evolve or die. In this way, it's contradictory to optimize for both SoV and utility.
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I agree. I think Bitcoin *should* move slow. SoV(s) should move slow after. certain point. That’s one of the reason that makes it a SoV. These are MONEYs, not Silicon Valley funny-noise apps which should move fast and break things!
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